The Canada Mortgage and Housing Corporation announced the start of annual housing construction in July, which rose by 16% compared to June.

The Canadian Housing Agency also reported that the annual rate of housing starts for July reached 279,509 units, up from 241,643 in June, with the increase coming as the pace of urban housing starts rose by 17% to 261,134 units for this month.

The annual rate of starts for multi-unit homes in urban areas increased by 21% to 217,306 in July, while the pace of starts for detached urban homes rose by 2% to 43,828 units.

The estimated pace of housing starts in rural areas is about 18,375 units for this month.

It is noteworthy that the Canada Mortgage and Housing Corporation reported that the six-month moving average of housing starts in Canada increased by 3.2% to 255,783 units in July compared to 247,840 in June.